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NIAL FULLER
Professional Trader, Author & Trading Coach

Weekly Forex Market Price Action Outlook – September 1st – 5th 2014

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By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | One Comment

Weekly Forex Market Price Action Outlook – September 1st – 5th 2014

Note: We Use ‘New York Close Charts’Get Our Preferred Charts & Trading Platform Here.

EURUSD – Euro/dollar bearish trend rolls on

The EURUSD lost significant ground the last two months, as we can see in the monthly chart below. There are no signs that this recent bearish trend may be coming to an end any time soon, so we want to trade in-line with that trend in the days and weeks ahead. Traders should continue watching the daily and 4 hour chart for price action selling opportunities, ideally after a retrace back to resistance. Note, the key upcoming support levels as seen on the monthly chart below, near 1.2750 and further below near 1.2050, if this bearish trend continues we wouldn’t be surprised to see price test these key chart levels in the coming weeks and months.

eurusd

AUDUSD – Aussie/dollar stays contained under resistance

In our August 28th commentary, we discussed the potential for a blind entry up near 0.9374 key near-term resistance that was offered last week as price ran into that level. This week, if the AUDUSD stays contained under 0.9374 – 0.9400 resistance on a daily closing basis, we could see price fall lower.

audusd

USDCAD – Dollar/cad fakey-pin bar buy signal

The USDCAD completed a 50% retrace of its last major up move last week, ending the week by forming a bullish fakey pin bar combo buy signal that shows rejection of that 50% retrace level as well as a support level near 1.0820 area. If price holds above that 1.0820 – 1.0810 support this week, we could see a move higher from this fakey / pin bar buy signal and a resumption of the recent up trend. Traders could consider a ‘tweaked retrace entry‘ if price rotates down to about the 50% level of Friday’s pin bar.

usdcad

Gold – Spot Gold downtrend intact

In our recent Gold commentaries, we’ve talked about the potential for price to continue moving lower, following the pin bar sell signal that we discussed back in our August 11th commentary. Last week, we saw price retrace modestly higher but it backed off its highs late in the week and formed an inside bar on Friday. If price breaks down from this inside bar this week, we could see another leg to the downside, with near-term support around $1270 and then key support further below near $1240.

gold

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Viet July 11, 2019 at 12:32 am

    Nial, Im from Vietnam. I cannot describe how much I admire you.
    Never imagine some simple candle patterns have such power on the market.
    I always dream to be a successful trader living my free life with beloved but have never reached it after some years of ups and downs…a lot of pain, loss …
    I want to have a life like you, being happy with beloved wife and daughter and enjoy trading, please help me by posting more about your price action applications, I promise with you and with myself that I will appreciate every piece of experience from your posts.
    Many appreciation, admiration, loves and best wishes from me to you.

    Reply
    • Nial Fuller July 12, 2019 at 1:53 am

      Your comment is very appreciated, it is good to hear from traders in Vietnam.

      Reply

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